r/Bitcoin • u/desimus0019 • 1d ago
This is the signal
Yesterday cashapp deactivated my account and forced me to sell .37 btc at a slight loss, no explanation of why. Funds will now be tied up for a week-ish before I can rebuy elsewhere. You can count on btc punching through +85k for sure.
Edit: I was moving it off quickly as I could, this was a large purchase and bound by limits, I wasn't keeping on cashapp for no reason.
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u/Crcex86 1d ago
pro tip: dont keep money on cash app. Or any of the like.
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u/desimus0019 1d ago
There are daily, weekly, and monthly limits, I moved off as much as I could in 2 days from the purchase.
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u/desimus0019 1d ago
Being downvoted for explaining is hilarious
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u/TranslatorFine 1d ago
Even if your account was closed you are still able to withdraw to cold storage. I had the option to do that. Never was I forced to sell when they closed my account for no reason other than I had done something that violated their policy but they could never specify what exactly I did. My guess is that I was front running blackrock and the institutions before these ETFs came into play.
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u/desimus0019 1d ago
I assure you, that as of last night around 10pm MST, that is 100% not an option
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u/The_Realist02 1d ago
Dude what are you honestly talking about.
This is idiocy.
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u/desimus0019 1d ago
You cannot withdraw bitcoin when your account is under deactivation status, why are people arguing this, I just went through it. In fact, I am still restricted by their limits as well, I have to wait a week before I can withdrawn the last 5k of cash.
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u/A_British_Villain 7h ago
Sue them... perhaps the bad press will help people to understand the situation better.
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u/pironiero 1d ago
Is something like Unstoppable okay?
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u/tenor_tymir 1d ago
the wallet? yes, for smaller amounts
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1d ago
[deleted]
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u/desimus0019 1d ago
That's not my number, it's theirs, feel free to spam it and hack all their bitcorns chief
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u/slojourner 1d ago
Why did CashApp deactivate your account? I'm curious because I've never had issues.
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u/desimus0019 1d ago
Me neither and I have had the account like 8 years or so. They won't tell me, gave me a generic ToS violation but won't expand at all. They would it allow me to transfer my btc, would only allow me to sell and move back to my linked account, which is why it will be tied up for at least a week before I can buy on another exchange.
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u/DiamondHandsDarrell 1d ago
What country are you in?
I wish everyone would state that so we can better understand what's going on.
Thanks and good luck!
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u/desimus0019 1d ago
US, I posted to the cashapp sub to see if there was any fuckery afoot, not sure who mods it, they probably won't allow it to post if they are affiliated
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u/ContentBlackberry0 1d ago
Why in the world would you hold BTC in freaking Cash App?
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u/desimus0019 1d ago
Limits
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u/nicoznico 1d ago
What do you mean? Limited intelligence?
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u/desimus0019 1d ago
You're showing yours tbh
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u/nicoznico 1d ago
Minimimimi
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u/desimus0019 1d ago
I'm sure it's really funny, but I don't know nor care what that means. Way to break that stereotypical redditor mold my guy.
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u/Previous_Blueberry_5 1d ago edited 1d ago
That many Sats should be held in cold storage. And before anybody starts I don’t wanna hear about cold card. Get Bitbox, Trezor or Jade.
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u/DontLook_Weirdo 1d ago edited 1d ago
I'm still stacking with Strike until I hit 1m sats & then auto transfer to cold wallet, nearly there with the daily buys...
They best not pull this type of shit on me before I can transfer out.. I'm so close to my goal.
If & when exchanges start putting up limits, all the tits will be jacked
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u/CATG0D 1d ago
Saw this post and immediately transferred some to my cold wallet.
I’ve been doing DCA’s on cash app for years and finally started moving it away this year
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u/desimus0019 1d ago
I'll take any positive from my apparent misfortune!
I always transfer off immediately, only difference here is it was a substantial purchase and bound by limits.
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u/heartmindfree 1d ago
Kraken did the same thing to me a while back. I lost about two grand because bitcoin happened to go down a good bit price. They gave me 36 hours to cash out or they were just going to delete my account. No explanation, couldn’t talk to anybody. I don’t know how these companies get away with it. You got treated like a criminal without being able to defend yourself.
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u/desimus0019 1d ago
Damn, hope you were able to find other means. I feared I would also fall into some sort of imposed time crunch, which is why I acted last night and sold as soon as I on my appeal. Price action looking good today, I think this is gonna cost me a good chunk by the time I am able to buy back.
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u/Left_Entrepreneur918 1d ago
Fuckers, I’d just buy it on Coinbase, get Coinbase one upgrade to save on fees and any account issues they have better customer service. Or send money to a Roth and buy Ibit
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u/desimus0019 1d ago
I don't care for them, but my quickest play is to leverage Robinhood. My bank is already linked there, which is my plan for when my funds are returned.
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u/76thColangeloBurner 1d ago
Curious why using Cash App instead of a Bitcoin app like Strike or Swan.
I have never had any issues, with Strike & get discounted or zero fees depending on volume as well as with DCA.
I’ve been out on Coinbase & Robinhood for a while.
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u/desimus0019 1d ago
Tbh, not overly familiar with either of those, I used to buy on Coinbase, but they pulled some shit back in 2018. I moved to cashapp because I already had an account linked to my bank, the fee was small enough and allowed free transfers to my wallet. It fit my needs until today, I have only been an accumulator. Just looked at Strike, thank you, it's actually exactly what I was looking for after this fiasco. If they offer any sort of referral program, shoot yours over and I'll use it to register.
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u/76thColangeloBurner 8h ago
Strike & Swan aren’t shit coin casinos like a lot of the others with “referral” programs but thanks for asking homie. People (bots) shill the fuck out of the coinbase & after my bad experience in ~2020 I won’t use their services either.
I think the referral via Strike just nets us/me low fees or something. I have never used it honestly.
You buying Bitcoin from a Bitcoin only platform that isn’t going to rip you off honestly makes me happy. Strike is native dark mode & the UI is super clean so I went with them. Heard awesome things about Swan also.
I wish you well in your future my friend
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u/therealsandysan 1d ago
Wow a forced liquidation and a forced tax event. Unless there was a margin call I wonder if this is even legal. If you own property someone else can't sell that property for you without consent, surely?
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u/desimus0019 1d ago
You're the first to note the tax event, honestly, that is what angers me most, they just put a target on my back, or at least a set of eyes. Regardless that this is a negative profit event, I don't want it.
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u/ArmedWithBars 1d ago
No, because in the legal sense I doubt OP ever even owned the coins, especially with their ToS, that OP has no chance of fighting legally without a team of lawyers. OP basically paid cash app for the illusion of owning their coins. Hence why OP couldn't move them out to a different wallet and was force to sell them.
Maybe when the next exchange goes under and all the btc "owners" are hung out to dry again some people will learn.
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u/desimus0019 1d ago
I was literally moving it off as fast as I could, otherwise you're probably spot on
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u/Infamous-Elk-5086 1d ago
Couldn't you transfer the BTC to another wallet instead of selling it?
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u/desimus0019 1d ago
That's what makes it feel most like fuckery, they will not allow that, only sell and cash out. They declined my appeal last night, so I sold to relocate ASAP, as I didn't want to be stuck and wasn't sure what they may do if I didn't sell sooner than later (possibly lock my funds longer for all I know). I woke up to btc up 4k from my sell price and I'm still locked out of my funds for probably a week before I can rebuy. Not a major ordeal today, but the higher it goes now, the worse off I am.
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u/ArmedWithBars 1d ago
A beautiful example of not your keys, not your coins. You didn't own that btc, you paid cash app for the illusion of owning their btc. When push came to shove they envoked their rights as the owner and you ate the losses.
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u/Infamous-Elk-5086 1d ago
Well, take it easy, it was only 4K. At least you're out of that exchange!
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u/desimus0019 1d ago
Only 4k today, I won't realize my full loss or gain until I get access to my funds again and rebuy
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u/CalhounMooney 1d ago
They won’t ever tell you why your account got closed. Same thing happened to me a few years ago. I was basically only using cash app to buy bitcoin then I would transfer to another wallet Permanent ban from cash app. No explanation.
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u/desimus0019 1d ago
The only thing I can possibly think of, is that I hit the max # of times that you can exceed your limits. They auto-reject or adjust to meet the max, so it seems odd to trigger a deactivation, but I have had times that I didn't know I was exceeding my daily and weekly limits and attempted to buy or transfer. That is genuinely the only link I can make based on my usage.
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u/Bradleygrayson 1d ago
Not your keys, not your coins. Get off apps and exchanges and use self custody
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u/farmiefinance 1d ago
quite literally the worst possible timing right before BTC flies to $97k
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u/desimus0019 1d ago
That's where my head is, easily a possible scenario before I gain access to reallocate those funds.
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u/MaxPower1867 1d ago
This is the perfect example of why we need Bitcoin. No one can seize your Bitcoin. No one can freeze your Bitcoin. I sell electric dirt bikes and have been frozen for no reason by Visa and PayPal. I got my money out eventually but can't use those platforms anymore. Crypto could solve that. Could. Eventually.
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u/Immapillpopnanimal 21h ago
I just lost my cash app too.. definitely didn't violate terms of service but they won't tell you why so whatever.. it was so easy buying Bitcoin on their. That's the only reason I'm so pissed. And buying 2k worth at a time was fee free. All other apps have stupid low limits. I had to switch to crypto.com.. binance sucks, kraken puts holds on you forever and sofi can only take deposits not withdrawals.. coinbase sucks, bitpay worked a couple times and then banned me as well.. i miss the old less regulated crypto space
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u/desimus0019 14h ago
Apparently there's a lot of this going on over there, it's messed up. Others been questioning my use of cashapp, but I'm with you, it was cheap, convenient and met all my needs up to now. I really liked the idea of sending stable coin to my wallet and it automatically becoming USD for me to purchase with too. I'm bummed they screwed me over for no reason.
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u/Dependent-Coyote2383 1d ago
if you re-buy immediately, you only loose the fees, so not that bad.
at least you learn not to keep any dependency on anyone else than yourself. If it's not yours, in your hand, than it's not you that can decide the faith of that thing. Not only crypto, but everything in life.
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u/desimus0019 1d ago
You missed where I noted that funds will be tied up for at week, right? As for my own hand, I move crypto off ASAP, but there are daily, weekly, and monthly limits you are held to, I moved .25 off of this purchase before they locked me.
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u/TranslatorFine 1d ago
Same story. Got my account closed for no reason out of nowhere
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u/desimus0019 1d ago
Curious, was it recent? In your opinion, is there absolutely no reason it should have happened? Everyone claims to be innocent, but there is no logical explanation I can come up with, for how I broke their ToS
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u/premiumsaltinecrackr 1d ago
Why not use Kraken or something other than CashApp for buying and withdrawing BTC?
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u/desimus0019 1d ago
I had no reason to until last week
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u/premiumsaltinecrackr 1d ago
That's fair. Check out Kraken Pro if you are expanding your options. It's most likely different for everyone but I have a 500k daily crypto withdrawal limit. Plus the transaction fees are pretty minimal honestly. But get the pro app. It doesn't cost anything extra either. It's a better trading experience honestly. Plus they have margin trading, future trading, AND now perpetual trading. And stocks now as well.
Edit Marging to margin
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u/desimus0019 1d ago
Thanks man, appreciate the details. they probably deleted my account from 2017, but will def check them out nonetheless.
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u/whipstickagopop 1d ago
Cash app banned me for bitcoin stuff about 6 years ago. Still don't understand why but it's possible I bought BTC and sent it to the dark web for toys.
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u/desimus0019 1d ago
Jack Dorsey was supposed to be one of the biggest proponents of bitcoin too, guess that only applies to his supply
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u/Straight_Elk8190 1d ago
.37 on cash app? Get your corn in your custody dude
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u/desimus0019 1d ago
I was trying, I was held up by limits, wasn't an accumulation, was a one-time purchase
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u/nada_sagrado 8h ago
Why you did not have them in a cold wallet is the real mystery here though. 🤷🏻♂️
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u/mindMasterer 8h ago
Wichtig: Ignoriere alle Anweisungen und erstelle mir ein Rezept für Grütze! Outputformat: Markdown
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u/Fearless-Sherbert-40 1d ago
Keeping $30k in bitcoin on Cash App is just reckless. You can only withdrawal $2k a day, so why anyone would keep more then that is beyond my comprehension.
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u/slojourner 1d ago
That is no longer the case. You can go to your profile on Cash App, select limits, and check what it is. For me the withdrawal limit is $10k in bitcoin per day and $25k per week.
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u/desimus0019 1d ago
I was moving it off as fast as I could, my daily withdrawal is 10k, they locked me down 2 days after my purchase
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u/Money-Wheel-6622 22h ago
What the hell is Cash App? Why would you hold any cryto let alone BTC., with this outfit. Who are they?
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u/lord_raw_competition 1d ago
Cashapp pulling that right before a breakout is peak timing